I’m wanting to reduce some of my monthly payments and I figured combining my auto loans would be a good idea. Is there a way to refinance and combine the two car loans???
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The danger of refinancing car loans is clear.
You will end up financing for much more than the car is actually worth, since you will be extending the life of the loan.
Financially this is never a good idea.
Your goal should be to pay off these loans – that way your payments will be 0.
This will save you money over the long run.
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No. Each car is collateral for a specific loan. Banks want collateral! No collateral, no loan. Chances are one car is insufficient collateral for a big-enough loan to cover both.
Do you mean to tell me that you cannot manage to set up two payments out of your bank account to pay your car loans on time? Or are you trying to stretch out terms so that the total monthly payment of the two loans is lower? Refinancing will cost you fees & interest over a longer term! Forget it, and manage better. That’s the cheapest solution, except for paying off one or both of these car loans in full and getting done with it.
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no, not unless one is worth enough to cover both loans.
http://loanrefinanceadvice.com/refinance-programs/ has everything you need to know about refinancing, refinance rates, and what steps to take if you are interesting in refinancing.
I am Mrs Monica Williams,currently living in New Florida,USA.I am a widow at the moment with three kids and i was stuck in a financial situation by MARCH and i needed to refinance and pay my bills.I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit.But as God would have it,i was introduced to a man of God a private loan lender who gave me a loan of $75,000USD and today am a business owner and my kids are doing well at the moment.So dear,if you must contact any firm with reference to securing a loan with low interest rate and better repayment plans and schedule,please contact them.He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email at
melvinfinanceloanfirm@yahoo.com
No they wont let you. You either refinance one at first then another or finance them both at the same time. Combining them would be a disaster. Your interest would probably be very high and they are two separate piece of objects, i never heard of refinancing two houses so apply the same rule to this.